November 30, 2018
Chairman and CEO Neil Freeman and Senior Associate Brandon Perdock of Aries Capital have arranged $17 million in short-term debt financing through Thorofare Capital and on behalf of client Langford Partners, LLC, an affiliate of Stambul USA. The loan will help stabilize The Langford Hotel, a historic downtown Miami property that has been part of the city’s landscape since 1926.
The Langford Hotel originally opened as the Miami Bank and Trust, and over the years served as home for several banks, an insurance company and other commercial entities. In 1989, the building was added to the National Register of Historic Places in recognition of its architectural and cultural significance. Langford Partners purchased the property in 2013, converting it into a 126-room boutique hotel that opened in 2016.
The financing included a two-year, interest only bridge loan to refinance an existing construction loan, and repatriate preferred equity through an “earn-out” facility subject to improved hotel performance. The transaction closed in six days.
Aries Capital’s Senior Vice President Heather Madsen managed the closing.
“The Langford is part of an ongoing revitalization of Miami’s downtown. New retail, office and multifamily projects continue to come online, attracting growing numbers of tourists and locals to the area,” Freeman said.
Read more about the deal in Hotel Online>